SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15674 / March 17, 1998 March 17, 1998
Securities and Exchange Commission v. Michael Cardascia and Strathmore
Equity Services, 98 Civ. 1938 (S.D.N.Y.) (KMW)
The Commission filed a Complaint today in the United States District
Court for the Southern District of New York alleging that, between January
1996 and December 1997, a radio talk show host promoted stocks of various
public companies on his radio show without disclosing that he was being
paid by the companies to do so, in violation of Section 17(b) of the
Securities Act of 1933.
Charged in the Commission s Complaint are:
Michael Cardascia ("Cardascia ), age 32, of Manhasset, New York.
Cardascia is the host of the radio talk show, Inside Wall Street,
which is broadcast three times a week on WEVD, a New York City radio
station.
Strathmore Equity Services, Inc. ("Strathmore ), located in Port
Washington, New York, is a New York corporation, wholly owned by Cardascia.
Strathmore is the owner of the Inside Wall Street program.
In its Complaint the Commission seeks an injunction against future
violations of Section 17(b) of the Securities Act and civil penalties from
both Cardascia and Strathmore.
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